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in the social security payroll tax, the increase in tax rates on income above certain thresholds and the cuts in federal spending scheduled to take effect next month will mean reduced spending by both consumers and the government. we project inflation adjusted g.d.p. will increase about 1.5% in 2013. but it will increase roughly 1.5% fast if not for the fiscal tightening. after the economy adjusts to that fiscal restraint, we expect the growth in real g.d.p. will pick up to about 3.5% per year in 2014 and the following few years. but the gap between the nation's g.d.p. and what it is capable of producing on a sustainable basis, what we call potential g.d.p., will not close quickly at that rate of growth. under current law, we expect output to remain below its potential level until 2017. almost a decade after the recession started in december of 2007. by our estimates, g.d.p. was more than 5% below its potential level in the fourth quarter of last year. a gap that is only modestly smaller than the gap that existed three years ago. because growth in output since then has been only slightly fast
's new regulations or his tax increases and therefore it is all the more difficult for them to expand their businesses and create jobs in america. to add to the uncertainty, the president's proposed sequestration is set to take effect this march. despite his promise, his promise to the american people that it would never actually happen, the president has yet to take any steps to undo this harmful measure. he has shown absolute indifference to the millions of americans whose livelihoods will be severely impacted by his sequestration. house republicans have twice passed legislation to replace the president's sequester with commonsense reforms that will reduce spending, preserve and strengthen our safety net for generations and preserve our national defense. this week the house will pass a budget but it will be a responsible budget that will balance. one that will aim to grow the economy, drive down unemployment, expand opportunity and prosperity for the private sector and ensure that america maintains its leading role in the world as a strong national defender. americans can do this. w
real spenged cuts for more tax hikes. the president's sequester should be replaced with spending cuts and reforms that put us on a path to balance a budget over the next 10 years. the american people believe that the tax question has been settled. they know the president called for a balanced approach to the debt. combination of revenues and spending cuts, and they know he's gotten his revenue. the american people do not believe the president will use further tax revenues to lower the debt. and haven't seen this president attempt to spend his way into prosperity over the last four years, they know he'll spend it. the president doesn't believe we have a spending problem. he general winly believes the government -- genuinely believes the government spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. the unemployment rate is still nearly 8% and rising. small businesses like the one i ran are struggling. middle class families, those lucky enough to have a job, are living paycheck to paycheck. and president obama just insisted on rais
asks for, if we give him every tax increase he asks for, if we do absolutely everything that the budget he's required by law to submit requests, we will begin to pay down the first penny of debt never. in fact, if we do absolutely everything that the budget he's required by law to submit to us asks, the debt will continue to grow forever. i agree with so much my friends on other side are saying about the sequester, about the fiscal cliff. that's why we acted in may on this body, that's why we passed another sequester replacement in august, that's why we passed another one in december. i agree. but can't we also agree that if you're going to be commander in chief of america, if you're going to be the president of the united states, if you're going to uphold and defend the constitution, and we have our former joint chiefs of staff chairmen telling us that our greatest national security threat is our growing debt, shouldn't it be fair to ask the president to tell us when, if ever, he plans to begin paying back the first penny? mr. speaker, it's not a stupid piece of legislation that we're
to a long-term unified approach to our debt and deficit. the tenants of that of course deal with the tax expenditures that we deal with that and the health care costs that are going up. the chair: the gentleman's time has expired. mr. schrader: with that i reserve the balance of my time. the chair: the gentleman from georgia is recognized. mr. price: i claim time in opposition. the chair: the gentleman is recognized. mr. price: thanks, madam chair. i want to commend my colleague from oregon and colleagues that came together to submit this amendment as i believe it truly to be well-intentioned but i think it misses the mark. i think for two reasons specifically that it ought not be adopted by this body. first, it unnecessarily restricts the ability of the president to determine how he would balance the budget. remember, the underlying bill doesn't tie the president's hands in any way. it simply says to the president, when you submit your budget to congress, just let us know when it's going to balance. it's not going to balance within the period of time that's defined by the budget window,
exchange. third, utah will not administer the premium tax credit through our exchange. there's a number of reasons we decided why not to do that. one, we pride ourselves in utah in being fiscally prudent. and i wish washington had that same pride which they certainly don't have in being fiscally prudent. only seven states in america have a a.a.a. bond rating on wall street, which tells us a lot about utah and what else is going on in the country. given the fiscal uncertainty we see here in washington, d.c.,, much of it created by a growing mentality, doesn't seem to me and to the people of utah to be a fiscally prudent thing to do when we are already borrowing 40 cents on every dollar that we spend and in large part because of the growing entitlement mentality we have in the country. i think this becomes a very risky proposition as we go forward. i don't know how much it's going to end up it's going to cost and i don't know anybody knows how much it's going to cost us. i do know the original promise by the president was going to cost us $900 billion. today the c.b.o. estimates it has go
of companies paid out dividends in anticipation of tax law changes. also, some companies paid out special bonuses. that did lead to an unusually strong number for december. but, you know, in general, it was a temporary kind of thing. we would not expect those things. host: how did the year look? guest: overall, we had an increase of 3.5% for the year .12. -- 2012. that is a good increase. it is a little below the long- term trends. host: when is a personal income, is that take-home pay or are there several factors associated? guest: there are a number of factors involved. within personal income, we have wages and salaries which account for more than half of the total. we also have small business income, things like rental income and also investment income in terms of interest and dividends and so forth. there is transfer income, social security and unemployment and so forth. there is a variety of types of income. it is an all-encompassing. host: a boost as far as money is concerned. what does that say overall, not only from how people personally did but how does it into the economy? guest
, or a suggestion that we need to impose a carbon tax, because that is designed to increase the costs. in my state of alaska, in a community like [indiscernible] a you come community on the river, they pay $6.90 for their diesel. that is how they heat their homes. when you suggest to them that the best thing to do is increase the price to decrease consumption, i do not know what the temperature is there this morning, but last week in the interior temperatures range between 45 degrees below zero and 50 degrees below zero. i cannot go back to alaska and tell people that the way that we tackle this is to increase your prices, demanding you to use less and limit your choices. that is not what a strong nation does. what a strong nation does is figure out how we advanced to the next stage, how we build out these clean technologies and diverse technologies that will allow us to do your choices. more and do it in a clean and environmentally responsible way. raising our energy costs, imposing the mandates, other heavy handed ideas but are out there for reducing greenhouse gas emissions, they will not pass.
, yes, deficits and taxes and sequesters and potential government shutdowns, debt ceiling, we'll talk about that stuff. but we'll talk about it from the perspective on how we're making sure someone works hard in this country. a cop, teacher, a construction worker, or a reception worker, they can make it if they work hard. their kids can make it and dream bigger dreams than they have achieved. obviously, a lot of what we'll be working on over the next few weeks is going to be on how do we deal with this sequester issue. i want to make this quick point. i had a press conference this week in which i reiterated that i'm prepared, eager, and ang shouse that ends this government by crisis that every two week or every two months or every six months we are threatening this hard recovery, are finally housing is picking up and real estate is doing better and unemployment numbers are still too high. we're geing job growth and manufacturing is doing well and we continue to have these self-inflicted crisis here in washington where suddenly someone taps the brakes. what i said this week was i want
and a simplification of the tax code. this was part a the discussion on manufacturing hosted by "the atlantic." it is just under one hour. [applause] >> thanks so much for joining us. i want to start big picture. it has been a rough couple of years for the economy. people keep referring to the tantalizing signs of venue factory revival. manufacturing jobs are up to about 400,000. they are down roughly 6 million in the prior 11 years. is what we are seeing a dead cat bounce? is something going on here? is there a manufacturing renaissance in america? what are you seeing? >> is the us's manufacturing more competitive than it has been in the past? yes. it are a number of drivers. in high-tech manufacturing, material innovation is happening. there is a lots of innovation and advanced manufacturing. materials are higher than it was in the past ursus labor. the energy construct is being created by shale gas. the ability of companies to sell around the world and export in the markets that are growing. in the case of manufacturing, the future has a chance to be different from the past. we are at our
authority or tax expenditure or revenues nor does the bill contain any earmarks. i'm pleased to support this legislation. it is my hope that the national pediatric research network i will -- improve therapies and better outcomes for our nation's children and i urge my colleagues to vote in favor of h.r. 225 and i reserve. the speaker pro tempore: the gentleman reserves the balance of his time. the chair recognizes the gentleman from new jersey, mr. pallone. mr. pallone: i yield myself such time as i may consume. mr. speaker, i rise in strong support of h.r. 225, the national pediatric research network act and commend my colleagues for their bipartisan efforts to move this legislation forward. there are many rare pediatric diseases and the children are incredibly fragile. if we can allow research to occur across the country, not just one single location, research can be done at a larger level because children could participate without having to travel. this bill would allow the national institutes of health to establish a national pediatric research network comprised up to 20 consortia,
is good or bad, it is the u.s. taxpayer dollar used to further u.s. tax your interest and every time a new government comes into power, we should take that aid down to zero and build it anew. does that mean we should give everybody the same as before? maybe it does. does that mean we should give them zero? could be. does that mean we should give them more? also a possibility. the autopilot is unconscionable and that's the problem we have now is where an autopilot. i'm not talking about the contract stopping building whatever sewage plant in whatever country. obviously things are going on in pipelines in our foreign aid. the issue is the message we send, that we become hysterical. our aid must end and the answer is no, don't do it based on that. obviously that's an exit poll. they should be based on a whole array of questions relating to where the flaw, treatment treatment of minorities, economic raise, action towards allies. all of those things are known factors and it seems as everybody is sending better to do than have an aggressive oversight hearing on the question at egypt. take it dow
or social security, welfare of grandparents, whether it is how much we tax, invest, how good our system of education is to all of those things at their core is the notion that we want the same for the kids of bridgeport as the kids in greenwich. there's an awful lot more that unites us than divides us which will make this cars we all serve in live up to the ability in the qualities of the republic. thank you very much. >> congresswoman. >> good morning, everyone. i was elected to congress about a year-and-a-half ago from california. i represent a district of los angeles. my whole life i am the mother, grandmother, i have worked in the private sector. i have my teaching credential, or to the public sector. my whole life by solve problems. i thought i was uniquely qualified to come to congress because we would be solving problems. frustrating moving from one crisis to the next which between you and me have been man-made, and i mean that -- [laughter] and the moderator is going to give her thoughts on that one. man-made crises, and it the worst problem in our country is the fact that congr
that some corporations use to avoid taxes by shifting income outside of the united states. i've worked with colleagues in the senate on suggested solutions. i'll continue to do so and your clairian call here this morning, i hope it will encourage all of us to work in any way that we can to avoid sequestration. you've -- yesterday you spoke at georgetown and announced a series of steps that the department will have to take almost immediately with respect to deployments, maintenance, contracts, other obligations if the congress and the president don't act soon to address the issue. we received memoranda from other senior department of defense officials laying out steps that would have to be taken if sequestration is not avoided. can you give us a timetable? you've already announced some actions that you're taking, which you're putting in place now so even if we can avoid sequestration in the next few days or a week from now or two weeks from now some things are being taken even before the end of february and before we know whether we can avoid sequestration, can you tell us, first of all
, what kinds of tax plans will have, how we will make sure every child is getting a good every child, it is encouraging to me that you turned out so well by your mom not letting you watch tv. i am going to tell my daughters that when they complain. [laughter] in the midst of all these debates, we must keep that same humility that dr. king and lincoln, washington and all our great leaders, understood, is at the core of true leadership. a democracy as big and as diverse as ours, we will encounter every opinion, and our task as citizens, whether we are leaders in government or business or spreading the word, it is to spend our days with open hearts and open minds, to seek out the truth that exists in the opposing view, and find a common ground that allows for us as a nation, as a people to take real and meaningful action, tnd we have to do that, humbly, and we have to do it every day, not just at a prayer breakfast. i have to say this is now our fifth prayer breakfast, and it is always just a wonderful event, but i do worry sometimes that as soon as we leave the prayer breakfast everyth
Search Results 0 to 14 of about 15